Alternative Visions 08/19/22 - Biden’s ‘Inflation Reduction Act’ and How We Got It

Dr. Rasmus explains the tax and spending details contained in the just passed Inflation Reduction Act, the culmination of two and half years of fiscal spending & tax acts under Trump and Biden during Covid and after.

The composition of the Cares Act (March 2020), efforts to pass a follow on bill in summer 2020, the emergency Cash Act passed in December 2020, Biden’s March 2021 ‘Covid Relief Act, and the collapse of the Build Back Better Act in November 2021 are all explained and compared. Rasmus describes how Biden’s initial ‘Covid Relief’ and ‘Build Back Better’ proposals in 2021 were stripped out of their corporate measures, which subsequently were passed as the Infrastructure Act (November 2021), the ‘Semiconductor & Manufacturing Act’ (July 2022) and now the ‘Inflation Reduction Act’.  The three pro-corporate Acts of 2022 replaced the Sanders-House Build Back Better bill.  Rasmus describes in detail the just passed Inflation Reduction Act, argues its tax measures won’t produce the $740B revenue, why it won’t reduce inflation, and why most of the $370B spending on climate will go to corporations and businesses as well. Positive, albeit token, social spending measures mostly benefit Medicare households or keep the Obamacare subsidies going a few more years.